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Clare
Clare, Solicitor
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Can me and my husband make an agreement between us that the

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Can me and my husband make an agreement between us that the house will be transferred into solely my name once the mortgage has been cleared. If I take the liability of paying off the mortgage which is in joint names, is there such an agreement that can be made. This will be part of a settlement between us if we go for separation.
Submitted: 1 year ago.
Category: UK Law
Expert:  Stuart J replied 1 year ago.
Do you mean, can you pay the whole mortgage off and him relinquish his interest in his half of the property?
will you be paying the mortgage in the meanwhile?
I appreciate that this is intertwined with your husband's potential bankruptcy but I'm not altogether certain what you are proposing here exactly.
Customer: replied 1 year ago.

The mortgage ba lance is £200,000, if I pay this off can the property be updated with me as a sole owner if my partner agrees to this.


 


This is to save the house if my husband is declared bankrupt.

Expert:  Stuart J replied 1 year ago.

Yes it can provided your husband gets the cash to cover his equity.

So, if the house is worth £500,000 and the house mortgage is £200,000, there is £300,000 with of equity of which £150,000 is your husband's and it is that which is at risk. If you had enough money to pay the mortgage balance off, you would actually be better off instead, buying your husband share of the equity for £150,000 and having the house in your sole name. Then it is safe although obviously the money that your husband got is at risk.

Expert:  Clare replied 1 year ago.
Hi
Thank you for your question.
I am afraid that simply paying off the mortgage will not protect your husband's share of the property from the Trustee in Bankruptcy - even if it is part of a Separation Agreement
Indeed it could in fact make the position worse as it will make the cost of buying his interest from the Trustee if he does go bankrupt even harder
If you are genuinely intending to separate then it would be better for there to be a final Order within Divorce proceedings - rather than a separation agreement.
If he has other assets - such as a pension - that you are giving up a claim on then this will help you in securing a larger share of the equity - but keep the mortgage so long as you can for now
Clare
Clare, Solicitor
Category: UK Law
Satisfied Customers: 29068
Experience: family solictor with 25 years experience
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Clare
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family solictor with 25 years experience